Traders Dynamic Index

Traders Dynamic Index MetaTrader indicator — a comprehensive but helpful indicator that uses RSI and moving averages along with some on-the-fly volatility calculations to offer the trader a full picture of the current Forex market situation. This indicator can use sound alerts.

Input parameters:

• RSI_Period (default = 13) — period in bars for calculation of RSI.
• RSI_Price (default = MODE_CLOSE) — price type to use in RSI calculation.
• Volatility_Band (default = 34) — parameter for volatility band calculation. Can be between 20 and 40. The lower this value is the curvier becomes the band.
• RSI_Price_Line (default = 2) — period of the first moving average (fast).
• RSI_Price_Type (default = MODE_SMA) — type of the first moving average.
• Trade_Signal_Line (default = 7) — period of the second moving average (slow).
• Trade_Signal_Type (default = MODE_SMA) — type of the second moving average.
• UseAlerts (default = false) — if true then sound alert will be played each time red and yellow lines cross.

At a first glance this indicator isn't easy to use, but you'll get used to it. For scalping enter long when green line is above red line and short when red line is above green line. For short-term trading enter long when green is above both red and yellow; short when red is above both green and yellow. For medium-term trading enter long in the same conditions as in the short-term but only when all lines are below 50, for short — the same but above 50. Mind the blue volatility band as it points to the long-term market strength and volatility when wide. Steep green line changes also signal short-term market volatility.

Downloads:

Traders Dynamic Index in .zip

Traders Dynamic Index in .mq4

Discussion:

Warning! Before you ask any basic questions regarding installation of the indicators, please, read this MetaTrader 4 Indicators Tutorial or MetaTrader 5 Indicators Tutorial to get the elementary knowledge on handling them.

Do you have any suggestions or questions regarding this indicator? You can always discuss Traders Dynamic Index with the other traders and MQL programmers on the indicators forums.